Latest news with #Maagero
Yahoo
12-04-2025
- Business
- Yahoo
Last-minute reminders before tax deadline on Tuesday
WEST SPRINGFIELD, Mass. (WWLP) – The deadline to file taxes is just a few days away. The last day to file your taxes is Tuesday, April 15. While millions of Americans have already filed their taxes, tax expert Ray Maagero told 22News the latest IRS statistics are actually down one percent, meaning there are many people that still need to file their taxes. If you haven't filed yet, you should gather all of the important documents, as many factors can impact your tax returns. Red Cross honors local frontline heroes 'How did they do last year, what's different this year?' said Maagero of Liberty Tax. 'Did they get married, did they get divorced, did they buy a home, is one of their children in school? All those things can affect what your return might look like this year versus last year.' If you're able to get your taxes done before the Tuesday deadline, you can file for an extension–however, you still have to pay. There are a few ways to receive an extension through the IRS. 'Filing on time is the most critical piece,' Maagero said. 'If you file late, then the penalties are 25% of the tax due, up to 25%.' You can pay what you owe online using an online payment option and check the box that you are paying as part of filing for an extension, you can use the IRS Free File program to electronically request an automatic extension, or you can file for an extension using the proper form either by mail, online or through a tax professional. You will have to estimate how much tax you owe on the form. A few other situations that may warrant an automatic extension include if you are living out of the country when taxes are due or if you have been impacted by an approved disaster. However, Massachusetts residents didn't receive any automatic extensions for disasters. Maagero said there is a key reminder for those who may be looking at an extension. 'An extension is time to file your tax return, but it's not an extension of time to pay your tax,' Maagero said. 'So you have to make your best guess as to what your tax liability is going to be, and pay as much as you can or all of it by the 15th.' WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
24-03-2025
- Business
- Yahoo
Reminders from local experts ahead of tax deadline
CHICOPEE, Mass. (WWLP) – The tax deadline is fast approaching, now just over three weeks away on April 15. Tax season is in full swing. Hundreds of millions of tax returns are filed each year, and if you haven't filed already, tax experts have a few reminders. Granby farm sues Trump administration for freezing federal funding 'You want to get your information from last year to see if anything might be different,' said Ray Maagero of Liberty Tax. 'If there is a life changing event that has occurred in the past year, you want to be sure you consider that for your tax return. Whether you have a new child, whether you get married or divorced, or you made some new investments or opened a business.' Maagero said it is not unusual for them to find additional money for taxpayers that they may have missed in year's past. 'There's always changes that we are concerned about that taxpayers might be missing and we certainly relish the opportunity to help people find those additional credits and deductions,' Maagero said. Besides using a trusted tax professional to file your taxes, there are a few programs through the IRS where qualifying taxpayers can file for free. There is the IRS Free File Program through their website that includes software that will look for deductibles, credits and exemptions. Direct File is another free program for qualifying taxpayers through the IRS in 25 participating states, Massachusetts and Connecticut included. Maagero said there is also an option for filing today, but paying later. 'There's no reason not to file today because you can queue your payment up so it's taken out of your account on the 15th of April, so our recommendation is get your tax return filed, you'll beat the rush,' Maagero said. Taxpayers can either file through the mail or electronically, but tax professionals say they prefer e-file, as it is more secure. Most tax refunds are received in 21 days if filed online. If filed through the mail, the wait time is generally four weeks. WWLP-22News, an NBC affiliate, began broadcasting in March 1953 to provide local news, network, syndicated, and local programming to western Massachusetts. Watch the 22News Digital Edition weekdays at 4 p.m. on Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
